UK Oil & Gas PLC Loxley Gas Project Update
27 Marzo 2024 - 1:00AM
RNS Regulatory News
RNS Number : 4003I
UK Oil & Gas PLC
27 March 2024
UK Oil
& Gas PLC
("UKOG"
or the "Company")
Loxley
Gas Project Update
UK Oil & Gas PLC (London AIM:
UKOG) is pleased to announce that
following the Court of Appeal's 9th January 2024 ruling
refusing any further appeals against Loxley's lawful planning
consent (RNS of 10 January 2024), the North
Sea Transition Authority has now granted a one-year extension to
the PEDL234 licence's Retention Area Work Programme in which the
Loxley gas discovery is contained.
In order to retain the full 300 km²
licence area without any future partial relinquishment, the Company
must now commence drilling the Loxley-1 appraisal borehole no later
than 30 June 2025. Loxley-1 is designed to confirm the commercial
viability of the Company's material 100%-owned Loxley gas discovery
and its related hydrogen feedstock project.
Loxley's current Competent Persons
Report ("CPR") (see: RNS 21 February 2023) assessed that Loxley,
one of the UK onshore's largest historic gas discoveries, contains
a mid-case 2C Contingent Resources recoverable volume of 31.0
billion cubic feet net to UKOG. The CPR's associated post-tax 2C
case present value (at 10% discount rate) was assessed at £124
million net to UKOG using end December 2022 gas prices and £87
million net to UKOG using an RPS Energy forward price forecast. The
CPR is available on the Company's website www.ukogplc.com
.
The Loxley CPR's recoverable volumes
stated as Contingent Resources (as defined in the glossary below)
should not be construed as Reserves (also defined below). Further
successful development of the asset would be required to seek to
move the CPR classification to Reserves.
For further information, please
contact:
UK
Oil & Gas plc
Stephen Sanderson / Guzyal
Mukhametzhanova
Tel: 01483 941493
WH
Ireland Ltd (Nominated Adviser and
Broker)
James Joyce / James Bavister /
Andrew de Andrade
Tel: 020 7220 1666
Communications
Brian Alexander
Tel: 01483 941493
Glossary of terms
|
2C
|
the mid-case or average estimate of
Contingent Resources. There is estimated to be a 50% probability
that the quantities actually recovered could equal or exceed this
estimate.
|
|
CPR
|
Competent Person's Report, a
Petroleum Resources report prepared by an independent Competent
Person(s), providing an estimated range of remaining recoverable
resources and their potential monetary valuation in accordance with
the relevant reporting standard (in this case the 2018 Society of
Petroleum Engineers' PRMS). The RPS CPR was not prepared under the
AIM rules for oil & gas companies.
|
|
Contingent
Resources
|
those quantities of petroleum
estimated, as of a given date, to be potentially recoverable from
known accumulations, but the applied project(s) are not yet
considered mature enough for commercial development due to one or
more contingencies. Contingent Resources are further categorised in
accordance with the level of certainty associated with the
estimates and may be sub-classified based on project maturity
and/or characterised by their economic status.
|
|
discovery
|
a petroleum accumulation (gas in
Loxley's case) for which one or several exploratory wells have
established through testing, sampling and/or logging the existence
of a significant quantity of potentially moveable
hydrocarbons.
|
|
PRMS
|
Petroleum Resources Management
System created by the Society of Petroleum Engineers. A global
standard of petroleum reserve and resource classification together
with guidelines and accepted methodologies for the definition and
estimation of petroleum resources and their monetary
valuation.
|
|
Reserves
|
those quantities of petroleum
anticipated to be commercially recoverable by application of
development projects to known accumulations from a given date
forward under defined conditions. Reserves must satisfy four
criteria: discovered, recoverable, commercial and remaining (as of
the evaluation's effective date) based on the development
project(s) applied. Reserves are further categorised in accordance
with the level of certainty associated with the estimates and may
be sub-classified based on project maturity and/or characterised by
development and production status.
|
The
information contained within this announcement is deemed by the
Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014, as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018. Upon
publication of this announcement, this information is now
considered to be in the public domain.
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